The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1887-12-14
AFFAIRS OF THE RAILWAYS.
Southern RAILROADS.


The general superintendent of one OF the
dianapolis roads has recently made
extended Southern trip. and he returns unfavor-
ably impressed as to the future of the railroad
interests of the South. He says: Railways
are projected and their promoters offering
railroad securities and inducemen is for Northern
investors that will only end in delusion. In
support Of this he instances the Florida rail-
ways He says: The passenger traffic of
Florida could be readily taken of with one
passenger train each way, with one coach to
hold forty five persons, and the freight traffic
with four cars of twenty tons capacity. He also
says that one of the leading lines of the South,
the East Tennessee, Virginia & Georgia. with
]. 104 miles of track. has capital and bonded
debt of about $50, 600 per mile. The traffic on
this overweighted line in 1885, as shown by
Pooris manual, averaged each way ally, sixty
two passengers and 326 tons. for which one
passenger and one freight train would
with its four tracks and large equipments,
has a traffic more than twenty times as great the
capital account is only so per cent more per
mile than the e. IT,, V. and g. railroad
Florida, with Its sparse population OF only SIX
per square mile-thet Of Indiana is sixty
spread over her swamps and everglades, has, re-
sently, through legislative enactment, reduced
passenger rates her railroads to cents per
mile. When it is considered that the greater
passenger
Northern visitors in the search OF pleasure and
health, and on whom the prosperity of the rail-
roads largely depends is reminded of the
fable of the goose and the golden eggs. With
the passenger rate at cents per mile and
freight at cents per ton per mile, the average
earnings of Florida railroads would approximate
operating expenses 1t certainly is surpris-
ing that the railroad companies in Florida
threaten to replace their express trains and good
accommodations with mixed trains.
Payment of Wabash Coupons Deferred.
CHICAGO. Dec. 13.-The payment of Wabash
coupons was deferred. at a. conference held in
Judge Gresham's private chambers. in the
United States Circuit Court to-day. There were
present at the conference, besides Judge
Gresham. Receiver McNulta. attorneys William
6. Beale and Henry Crawford, Gen. john L.
Thompson, Gen. George W. Smith and o. d.
Ashley. Some time ago formal orders were en-
tered in the different Wabash foreclosure suits
directing the receiver TO pay coupons upon
bonds of the different divisions those
different divisions should show sufficient
available surplus earnings for the purpos e.
Under this order it was understood that the
eeiver would paw coupons. Jan. i. on certain of
the divisions, but not on all of them On the
parties mainly interested in the suits in this cir
cult. through their counsel, that such payment
was undesirable unless it embraced all the di-
visions, he informally directed Receiver McNulta
20 defer the proposed payment Jan. 1. and
not to make another payment until further con-
sideration should be given to the matter.
The Wabash VIII Lower It's Rates.
CHICAGO, Dec 13.-More pressure was brought
to bear to-day on Receiver McNults, of the Wa
bash, to prevent him from putting in effect re-
duced Illinois freight rates. He was waited
by President Ashley, of the Wabash Western.
and attorney Crawford, representing the bond
holders and members of the purchasing commit
tee. who entreated him to Sc least postpone
action until Jan. 1. General McNulta remained
firm. however, and finally an appeal was made
to Judge Gresham. The Judge sustained the
receiver. stating that his administration of af-
fairs had been success, and that the court saw
good reason to interfere with his policy. The
purchasing committee complain that the receiv-
ers action will prove disastrous to the reorgani-
cation plan, but this does not move General Nc
Nulta. who announces that nothing will prevent
the Wabash putting in force the new tariffs on
Tuesday next
East-Bound Rates Restored.
NEW YORK. Dec. 13-The presidents of tne
trunk lines finally settled the fight over rates
from the West to the seaboard on live and
dressed beef to-day. and rates ordered re-
stored The Grand Trunk was represented at
the meeting and acquiesced Commissioner Fink
will fix the differentials. Taking effect the
18th inst, the rates on live stock and dressed
meats will be on the following basis, Chicago to
New York: Dressed beef, dressed sheep and
articles loaded in refrigerator cars with dressed
beef, 65 cents per one hundred pounds; dressed
hogs in refrigerator cars. 65 cents; dressed hogs
In common cars. 60 cents; live cattle, 80 cents;
live sheep, 40 cents.
Richmond and West Point Terminal.
RICHMOND, Va, Dec. 13-At the annual meet
ing of the stockholders of the Richmond & West
Point Terminal Company, held to-day in this
eity. Alfred Sully, of New York. was reelected
president. together with the following named di-
rectors: John 81. Inman, Geo. S. Scott. Samuel
Thomas. C. NJ. McGhee. John G. Moore. S.
Wormser. Geo. F. Stone. j. A. Rutherford, VIM.
Rockefeller. Calvin S. Price, Emanuel S. Leh-
man. r. T. Wilson. r. P. Flower and John 81.
Hall, all OF New York, and jaime B. Pace and T.
W. Logan, of Richmond. The presidents and
treasurers reports show the company to be in
prosperous condition.
Local and Miscellaneous.
Tomorrow the Ohio s. Mississippi road put on
trains over their New Albany extension.
The Travelling Passenger Agents Association
will hold their annual convention in Jackson
vile, Fla, on the 10th of next month.
This month Paymaster Sullivan, the c.,
l., St. l.. & c.. will pay the branches by
check, and on the main line in currency.
The Terre Haute car-works are turning out
fifteen cars per day, on contract to furnish three
hundred cars for the New York, Ontario s.
Western road.